The Economy
What are the three questions each country must answer make decisions about using its resources?
What? How? Who?
The activity of setting up a business or businesses, taking a financial risk in the hope of profit.
What is entrepreneurship?
One person owns the type of business.
What is a sole proprietorship?
A tax on imports.
What is a tariff?
Define resource.
Items that people can use to make or obtain what they need or want. Examples include money, fuel, labor.
Explain the unemployment rate and what is means.
Taking a company and its employees in a direction based upon a vision.
What is leadership?
What is a partnership?
Limit on the quantity of a product than can be imported.
What is a quota?
Difference between a want and a need.
What is the rate of inflation?
General increase in the price of goods/services.
Give 3 qualities of a great leader.
Motivation, communication, confidence, and integrity
A company or group of people authorized to act as a single entity.
What is a corporation?
Exchange of goods/services between nations.
What is international trade?
Competition keeps the business wanting to win and be better than the other. Pricing products to be better than your competition allows for profit.
What are the four types of economic shifts the US has experience?
Service, agricultural, industry, and informational (technology)
The type of leadership where one person runs everything and makes the decisions.
What is autocratic leadership?
What is a nonprofit?
Difference between import and export.
Import is goods/services going into the country from another country. Export is goods/services going out of the country to another country.
The gathering and analyzing information about the wants, needs, and preferences of consumers in a certain market.
What is market research?
What is the national debt right now?
Style in which managers work with the employees to make the decisions.
What is democratic leadership?
A type of business that an authorization is granted by a company to an individual or group enabling them to carry out commercial activities.
What is a franchise?
Difference between a country's exports and imports over a period of time.
What is balance of trade?
List 3 activities businesses undertake when developing products and services.